Understanding Marketing Concepts

Question 1

Which of the following purchases would most likely be made with discretionary income?

Accepted Answer

Magazine subscriptions

Question 2

The value of the dollar as it relates to the number of goods or services it will buy.

Accepted Answer

Purchasing power

Question 3

Marketers look only at demographics and psychographics when meeting the needs of certain types of buyers.

Accepted Answer

False

Question 4

Demographics consider the consumers’

Accepted Answer

all of the above

Question 5

The Music Stand direct mail company wants to send catalogs to music lovers. What type of data would be helpful?

Accepted Answer

Psychographics

Question 6

The four P’s of marketing are price, product, place, and promotion.

Accepted Answer

True

Question 7

Statistics based on where people live.

Accepted Answer

Geographics

Question 8

What are the four factors in a PEST analysis?

Accepted Answer

Political, economic, socio-cultural, technological

Question 9

Businesses can use database technology to provide products to a specified target market.

Accepted Answer

True

Question 10

A low point in the business cycle, when money and credit have become scarce and unemployment is high.

Accepted Answer

Recession

Question 11

Understanding ethnic backgrounds and household income is part of market segmentation.

Accepted Answer

True

Question 12

There are ten functions of marketing.

Accepted Answer

False

Question 13

The Potterware Co. decided to sell its coffee mugs in the local express shops. What type of mktg decision was this?

Accepted Answer

Place

Question 14

What are the three C's that are associated with a SWOT analysis?

Accepted Answer

Company, customers, competition

Question 15

A BBQ sauce co. began mktg. a new sauce that includes spice found in Asian cuisine. How's the co. segmenting the market?

Accepted Answer

Demographics

Question 16

Mass marketing narrows down the market with extreme precision.

Accepted Answer

False

Question 17

To market effectively, marketers do not try to satisfy customers’ needs.

Accepted Answer

False

Question 18

The total or gross amount of income received from all sources by the population as a whole.

Accepted Answer

Personal income

Question 19

Market segmentation is a way of analyzing a market by categorizing specific characteristics.

Accepted Answer

True

Question 20

Psychographics consider the consumers'

Accepted Answer

attitudes, values, and interests.

Questions 20